Insurance comparison service MyChoice has examined the link between car thefts and insurance pricing in Ontario.
The team looked at the carjacking rates in Ontario cities with a population of over 100,000 and compared them to the monthly insurance premiums in the same cities.
It found that rate of car thefts in the province averages 2.69 per 1,000 people and $1,673 for auto insurance premiums.
Using its internal quote data along with Ministry of Transportation statistics, MyChoice reported the following:
|
City |
Rate of car theft per 1,000 people |
Average 2024 premium |
|---|---|---|
|
North York |
5.42 |
$2,202 |
|
Brampton |
5.25 |
$2,922 |
|
Etobicoke |
4.96 |
$2,030 |
|
Scarborough |
3.84 |
$2,710 |
|
Vaughan |
3.69 |
$2,447 |
|
Ajax |
3.61 |
$2,104 |
|
Mississauga |
3.59 |
$2,315 |
|
Toronto |
3.32 |
$2,139 |
|
Richmond Hill |
2.61 |
$2,248 |
|
Markham |
2.25 |
$2,447 |
Ontario is confronting a rise in auto theft. Toronto’s police chief has said that carjacking cases three months into 2024 have doubled last year's figures.
According to the Insurance Bureau of Canada, auto thefts cause car insurance premiums to rise by an average of $130 annually for Ontario drivers.
“As carjackings escalate, so does the urgency for comprehensive insurance coverage,” MyChoice chief executive Aren Mirzaian said.
“At MyChoice, we aim to empower our users with thorough insights into how such alarming theft rates can affect their insurance costs.”
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